Electronic Toll Collection Market – Push by Several Governments for Cashless Travel Facilities is Fueling the Demand

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Global Electronic Toll Collection Market: Overview

A toll road, also known as a tollway or turnpike, is a private or public roadway for which a fee is accessed for passage. Frequently, these toll booths cause traffic delays during rush hours for the toll collection process. This is mainly due to manual operations, which are not only more prone to errors, they are also considerably slower than automated methods. This factor has given birth to electronic toll collection system, which swiftly eliminates the manual operations by toll payers and receivers. As several developed and developing economies across the world invest and adopt new technology, the reflection is quite apparent on the adoption of these electronic toll collection systems. Consequently, the global market for electronic toll collection is projected for a double digit growth rate during the forecast period of 2016 to 2024.

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Global Electronic Toll Collection Market: Trends and Opportunities

Need to save time is the primary driver for this market. However, the push by several governments for cashless travel facilities is further fueling the demand, especially in India which has a second maximum landscape of toll roads in the world and a vast number of commuters. The need to minimize congestion and fast toll transaction is another factor prompting the adoption. Conversely, factors such as high initial installation cost and the dependency on government approvals is expected to hinder the growth rate. However, the overall market for electronic toll collection is expected to continue demand to meet the requirement for an improved, safe, and secure infrastructure.

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Global Electronic Toll Collection Market: Region-wise Outlook

Geographically, the report studies the regional markets for electronic toll collection in North America, Europe, Asia Pacific, and rest of the world. Currently, the country-wide markets of U.S., Canada, and Mexico make North America the most lucrative region, though Asia Pacific is too primed for a strong growth rate, owing to increased demand from countries such as India, Singapore, Philippines, Hong Kong, and Malaysia.

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